Entercom Communications has reported its fiscal results for the fourth quarter and full year 2012. In Q4, net revenue grew by seven percent to $102.1 million. Station expenses were up two percent to $61.7 million, as station operating income grew by 16 percent to $40.4 million. Adjusted EBITDA was up 17 percent to $35.3 million.
For all of 2012, Entercom's net revenue grew by two percent to $388.9 million. Station expenses decreased last year by four percent to $252.4 million. Station operating income grew by 14 percent to $136.6 million, and adjusted EBITDA increased 15 percent to $115.9 million.
David J. Field, President/CEO stated, "Entercom finished 2012 with a solid fourth quarter as revenues grew by seven percent and Adjusted EBITDA increased by 17 percent. For the year, prudent cost management drove expenses down by four percent and enabled a 15 percent increase in Adjusted EBITDA on two percent revenue growth. We enter 2013 with a strong balance sheet, an outstanding lineup of great brands and content, and a powerful array of emerging digital platforms. We are also highly enthused by a number of positive industry developments over the past few months which bolster the industry’s future prospects. Industry research continues to show robust radio listening levels and strong advertiser effectiveness, while recent announcements by Sprint, Nielsen and others reaffirm radio’s importance in today’s media landscape."